India’s medical devices market is one of the most dynamic and fastest-growing segments of the country’s healthcare industry, valued at approximately USD 12 to 15 billion in 2026 and projected to grow at a CAGR of 11 to 14 percent over the next five years as healthcare infrastructure expansion, rising insurance coverage, and increasing chronic disease prevalence drive demand. Multinational companies including GE Healthcare, Siemens Healthineers, Philips, Medtronic, and Abbott collectively hold about 40 to 45 percent of revenue through technology leadership and hospital partnerships, while domestic firms like Meril, Trivitron, BPL Medical, and Molbio Diagnostics are scaling rapidly via PLI incentives and lower cost structures. The PLI scheme for medical devices earmarked Rs 3,420 crore for 55 high-end devices, with 22 greenfield projects beginning production by September 2025. India’s Pradhan Mantri Ayushman Bharat Health Infrastructure Mission invested Rs 64,180 crore between 2021 and 2026, establishing 175,338 Ayushman Arogya Mandirs. Let us have a look at the top 10 medical devices companies in India for the year 2026.
1. Siemens Healthineers India
Siemens Healthineers, spun off from its parent company Siemens AG in the year 2017 and headquartered in Erlangen Germany with significant India operations, is a global leader and one of the most advanced medical equipment companies in India, focusing on imaging, laboratory diagnostics, and AI-driven healthcare solutions with approximately 23 percent global market share in diagnostic imaging. The company generated approximately USD 27 billion in global revenue in 2025 and its Magnetom Cima.X 3T MRI and Mammomat B.brilliant mammography systems cleared by FDA in recent years represent the frontier of imaging technology. Siemens Healthineers has partnered with Apollo Hospitals for remote diagnostics, signalling convergence of hardware and AI-software capabilities in India.
Siemens Healthineers India serves India’s leading hospital chains, diagnostic imaging centres, and laboratory networks with its MRI, CT, PET-CT, angiography, and laboratory diagnostics platforms, and its strategic alliance with Apollo for remote diagnostics and with IIT-Madras on algorithms demonstrates the most sophisticated hardware-software convergence strategy among medical device companies operating in India.
2. GE HealthCare India (Wipro GE Healthcare)
GE HealthCare India, operating through its joint venture Wipro GE Healthcare and as a subsidiary of GE HealthCare Technologies established following GE’s healthcare spinoff in the year 2023, generated approximately USD 20.6 billion in global revenue and is cited among India’s top medical equipment companies for its MRI machines, CT scanners, ultrasound systems, and patient monitoring equipment. GE Healthcare has localised scanner assembly in India and partnered with IIT-Madras on AI algorithms for diagnostics, representing one of the most advanced technology-driven partnerships between a multinational medical device company and an Indian academic institution.
GE HealthCare India serves hospitals, imaging centres, and critical care facilities across India with its comprehensive medical imaging, patient monitoring, and diagnostic equipment portfolio, and its local assembly operations and IIT-Madras algorithm partnership position it as the medical device company most committed to India-specific technology localisation among international players.
3. Medtronic India Private Limited
Medtronic, an American Irish medical devices company that began India operations in the year 1979 and headquartered in Dublin, is cited among India’s top medical equipment companies for its cardiac devices, diabetes care, and surgical innovations with global revenue of USD 36.4 billion in its fiscal year ending April 2026 — the highest reported in the medical device industry. In October 2025, Medtronic launched two advanced electrosurgical devices in India and maintains R&D facilities in Bengaluru and Hyderabad alongside a nationwide commercial and service presence in twelve Indian cities including Mumbai, Delhi, Bengaluru, Chennai, and Hyderabad.
Medtronic India serves India’s cardiac, neurology, diabetes, and surgical patients through its comprehensive medical technology portfolio sold primarily to hospitals and interventional cardiologists, and its R&D facilities in Bengaluru and Hyderabad support both India-specific product adaptation and global medical device development tapping India’s medical technology engineering talent pool.
4. Abbott India Limited
Abbott Laboratories India, a subsidiary of American global healthcare company Abbott founded in the year 1888 with Indian operations established in the year 1910, is one of India’s most important medical devices and diagnostics companies offering diagnostic tools, cardiovascular devices, and diabetes care products including the FreeStyle Libre continuous glucose monitoring system. Abbott’s FreeStyle Libre — a small wearable sensor capturing 24-hour real-time glucose readings worn on the upper arm — has been transformative for India’s estimated 77 to 80 million diabetic patients. Multinational companies including Abbott collectively hold 40 to 45 percent of India’s medical devices revenue through technology leadership and hospital partnerships.
Abbott India serves India’s enormous diabetic population, cardiac patients, and hospital diagnostic laboratories with its wearable glucose monitoring, cardiovascular intervention devices, and diagnostic testing platforms, and its FreeStyle Libre CGM system represents the most consumer-visible medical device innovation in India’s diabetes management market.
5. Philips India Limited
Philips India, the Indian subsidiary of Dutch multinational Royal Philips founded in the year 1891 with India operations established in the year 1930, provides a comprehensive range of healthcare technology solutions spanning diagnostic imaging, patient monitoring, and sleep and respiratory care as one of India’s largest medical equipment companies. Philips India serves hospitals and healthcare systems with its imaging systems, ultrasound, emergency care, patient monitoring, and sleep apnea treatment devices, with the company’s transition from consumer electronics to healthcare technology making its India business increasingly focused on clinical solution delivery rather than hardware sales alone.
Philips India serves India’s hospital chains, diagnostic centres, and critical care facilities with its integrated healthcare technology portfolio spanning imaging, patient monitoring, and respiratory care, and its shift from product company to healthcare solutions provider including managed services and AI-driven clinical decision support reflects the evolution of medical device business models in India’s maturing healthcare market.
6. Trivitron Healthcare
Trivitron Healthcare, one of the fastest-growing medical equipment manufacturers in India, provides imaging systems, lab diagnostics, and critical care equipment and is cited among India’s key medical device players by multiple industry sources for its domestic manufacturing capabilities. The company is described as scaling rapidly via PLI incentives and lower cost structures relative to multinational competitors and is one of the Indian companies best positioned to benefit from the government’s push for domestic medical device manufacturing and healthcare infrastructure expansion under various government health schemes.
Trivitron Healthcare serves India’s public and private hospitals, diagnostic centres, and healthcare infrastructure programs with its domestically manufactured medical imaging, laboratory diagnostics, and critical care equipment, and is one of India’s most important homegrown medical device manufacturers whose PLI-supported expansion is reducing India’s dependence on imported medical equipment.
7. Meril Life Sciences Private Limited
Meril Life Sciences, a rapidly growing Indian medical devices company headquartered in Vapi, Gujarat, is developing across cardiac, orthopaedics, and endoscopy segments and is cited as one of India’s key domestic medical device players scaling via PLI incentives. The company has made significant strides in developing cardiac stents, hip and knee implants, and minimally invasive surgical devices for the Indian market, competing directly with established multinational brands in the high-value medical implant and interventional device categories where Indian-origin devices are increasingly accepted.
Meril Life Sciences serves India’s interventional cardiology, orthopaedic surgery, and endoscopy markets with its domestically developed and manufactured medical devices, and its growing portfolio of cardiac and orthopaedic implants that are progressively replacing imported alternatives demonstrates India’s growing capability in developing clinically validated medical device innovation domestically.
8. BPL Medical Technologies Private Limited
BPL Medical Technologies, part of the BPL Group and a well-known Indian brand focusing on critical care and cardiac equipment, is consistently cited among India’s top medical equipment companies for electrocardiograph monitors, patient monitoring systems, and vital signs equipment that serve both India’s public health infrastructure and private hospital networks. The company’s longstanding presence in India’s medical equipment market and its focus on affordable, rugged devices suited to Indian hospital conditions including variable power supply and challenging environments gives it competitive advantages in public sector procurement.
BPL Medical Technologies serves India’s public and private hospitals with its critical care and cardiac monitoring equipment and is particularly valuable to India’s public health infrastructure where its affordable, locally serviced devices are more accessible than multinational alternatives, reflecting the important role of domestic medical device companies in expanding healthcare access across India’s diverse hospital ecosystem.
9. Molbio Diagnostics Private Limited
Molbio Diagnostics, headquartered in Goa and recognised as one of India’s key domestic medical devices companies scaling via PLI incentives by Mordor Intelligence, is a molecular diagnostics company that developed the Truenat point-of-care diagnostic platform — a portable molecular testing device used for tuberculosis, COVID-19, and other infectious disease diagnosis that can operate in resource-limited settings without requiring laboratory infrastructure. Molbio’s Truenat platform has been deployed across India’s public health network for tuberculosis diagnosis and has demonstrated India’s capability to develop globally competitive point-of-care diagnostic technology.
Molbio Diagnostics serves India’s public health disease surveillance programs and resource-limited diagnostic settings with its Truenat molecular diagnostics platform, and represents one of India’s most successful homegrown medical diagnostic innovations that has achieved WHO prequalification and international recognition for enabling accurate molecular testing in settings where traditional laboratory infrastructure is unavailable.
10. Stryker India
Stryker, an American medical devices company founded in the year 1941 and one of the world’s leading orthopaedic implant and surgical equipment companies with global revenue of USD 25.1 billion in 2025, has a growing presence in India’s orthopaedic surgery and surgical equipment market. Stryker’s MAKO robotic-assisted surgery platform has surpassed 3,000 installed systems and 2 million procedures globally, and in early 2026, Stryker debuted the MAKO RPS — a smaller, more affordable handheld robotic system designed to expand robotic-assisted orthopaedic surgery into ambulatory surgery centres and smaller hospitals, including those in emerging markets like India.
Stryker India serves India’s orthopaedic surgery hospitals and surgical centres with its implants, surgical equipment, and robotic surgery platforms, and its MAKO RPS launch of a more affordable robotic surgery system in 2026 specifically targeting smaller surgery centres reflects its strategy to expand robotic orthopaedic surgery adoption in emerging markets where cost has previously been the primary barrier.
Frequently Asked Questions (FAQs)
Q: Which is the largest medical devices company in India in 2026?
A: Siemens Healthineers is the largest medical devices company by diagnostic imaging global market share at approximately 23 percent, while Medtronic leads globally by medical device revenue at USD 36.4 billion. In India’s domestic market, Trivitron, Meril Life Sciences, and BPL Medical Technologies are the largest Indian-origin medical device manufacturers, while the multinational companies GE HealthCare, Siemens Healthineers, Philips, Medtronic, and Abbott collectively hold 40 to 45 percent of India’s medical device revenue.
Q: What is the PLI scheme for medical devices in India?
A: The Production Linked Incentive scheme for medical devices earmarked Rs 3,420 crore approximately USD 410 million for 55 high-end medical device categories, offering a 5 percent incentive on incremental sales for four years for qualifying manufacturers. By September 2025, 22 greenfield projects had begun production under the PLI scheme. The scheme is designed to reduce India’s approximately 70 to 80 percent import dependence in medical devices by incentivising domestic manufacturing of high-value devices including MRI scanners, CT scanners, and linear accelerators for cancer treatment.
Q: How large is India’s medical devices market?
A: India’s medical devices market is valued at approximately USD 12 to 15 billion in 2026 and is projected to grow at 11 to 14 percent CAGR. India accounts for approximately 1.5 to 2 percent of the global medical devices market of USD 600 to 720 billion. Therapeutic devices control 35.21 percent of India’s medical devices market share, supported by large installed bases of dialysis machines, ventilators, and infusion pumps. Diagnostic devices including imaging and laboratory diagnostics account for the second-largest segment.
Q: What are the challenges in India’s medical devices market?
A: Key challenges include NPPA price caps on stents and knee implants that have squeezed gross margins by up to 70 percent, prompting portfolio rationalisation by multinational companies. Ayushman Bharat’s exclusion of PET-CT, genetic panels, and liquid biopsies from reimbursement constrains uptake in public hospitals. Critical components like X-ray tubes and detectors remain imported despite PLI investments, limiting domestic value addition to 40 to 50 percent. High regulatory hurdles governing new device approvals and funding challenges for small to medium device companies also restrict market development.
Q: Is AI being integrated into medical devices in India?
A: Yes, AI integration in medical devices is advancing rapidly. GE HealthCare has partnered with IIT-Madras on AI algorithms for diagnostic imaging. Siemens Healthineers has partnered with Apollo for remote diagnostics powered by AI. Software-centric companies like Qure.ai and Niramai are developing AI-powered diagnostic platforms for tuberculosis and breast cancer screening respectively. The FDA’s cleared AI and ML-based software as a medical device catalogue has grown dramatically globally, and these approvals are relevant to India’s CDSCO regulatory pathway for AI-enabled medical devices.
